Just Dial Gets $57 Million From Sequoia & SAP; Postpones IPO

Just Dial Ltd., the company which owns & operates Yellow-Pages like Business listing portal & telephone service of the same name has secured US$ 57 Million (Rs. 327 Crores) from Sequoia Capital and SAP Ventures . The company which was seriously planning for an Initial Public Offering (IPO) to fund its activities has postponed the same. The company had even filed for & secured the necessary approval from all the regulatory bodies. The cash infusion from this round of funding will be utilized to enhance technology & expand company’s footprint across the nation. Just Dial had initially planned to raise around Rs. 360 Crores from its maiden share market debut. From the total amount received, Sequoia Capital has put in Rs. 305 Crores & SAP Ventures, the rest. Just dial has always been successful in garnering financial backing at various crucial stages of its evolution, which even its competition could not match. However, with a Rs. 260 Crores turn-over & 50 Crores profit , the company’s global expansion seems to have gone well too. Just Dial operates on a very simple business plan. It collates information about local business listings for a small annual fee & offers the same to in bound callers. Additionally, it also operates the same service through its online website & lately it has started offering SMSes which contains detailed address & contact details of the business listings. As we witness the rapid proliferation of mobile phones, we wonder, why has Just Dial not ventured in the lucrative world of location aware services ? Many companies have shifted focus to offer business listings & offers that are physically nearby the location of the seeker. If Just Dial can come up with a mobile app that offers such a service, its popularity could surely rise many-folds. What do you think? Looking For A Social Media Agency?? – Contact WATConsult – India’s Leading Social Media Agency

[via WATBlog.com - Web, Advertising and Technology Blog in India]